Gold under pressure as US yields rebound

Gold prices declined in European trade for another session off four-week highs on active profit-taking, while hurt by surging US treasury yields, drawing investments away from gold.

Gold Prices Today

Gold prices fell 0.3% to $1,754 an ounce, after losing 0.6% yesterday, the first loss in five days off four-week highs at $1,788.

US Yields

US 10-year treasury yields rose 0.5% today for the second session off four-month lows at 2.516% following bullish remarks by Fed officials. 

Both Chicago and San Francisco Fed governors said they are committed to the track of hiking rates to levels that might limit economic growth.

Traders now see a 44% chance the Fed might hike rates by 75 basis points at the September meeting.

The SPDR 

Gold holdings at the SPDR Gold Trust fell 2.9 tones to a total of 1,002 tones, the lowest since January 20.